Cellnex Telecom SA

CLNX: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Cellnex Earnings: Stable Execution; Fair Value Estimate Hinges on Rates and Tenancy Upside

Javier Correonero

Aug 1, 2025

There were no surprises in Cellnex’s second-quarter results, with management reiterating their 2025 guidance of EUR 3.95 billion-EUR 4.05 billion in revenue with adjusted EBITDA of EUR 3.28 billion-EUR 3.38 billion.

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Cellnex Telecom SA

Cellnex Earnings: Stable Execution; Fair Value Estimate Hinges on Rates and Tenancy Upside

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